According to US News Agency Bloomberg, Romania ranks 29 in the 2019 Innovation Index, climbing up 6 positions in the top compared to 2018 ranking. It is the most spectacular change upwards in the index, as Romania has a total score of 64.78.
Similar leaps, but less than 6 positions up, were recorded by Israel (+5) and Finland (+4) in the top 5 sector, and Thailand (+5) and Luxembourg (+4) in the top 50 sector.
The 7th editon of Bloomberg Innovation Index, analyzes dozens of criteria using seven metrics, including R&D intensity, manufacturing value-added capabilities, productivity, high-tech density, tertiary efficiency, research concentration and patent activity.
The 2019 ranking process began with more than 200 economies. Each was scored on a 0-100 scale based on seven equally weighted categories. Nations that didn’t report data for at least six categories were eliminated, trimming the total list to 95. Bloomberg publishes the top 60 economies.
According to the index, Romania has seen a considerable development especially in areas like value added manufactured products, density and number of technology patents, ahead of countries such as Spain, Slovenia, Hungary, Turkey and Portugal.
In the table above we listed the first two economies – South Korea and Germany, in order to have a look at both their total score and individual scores per metric.
These news are encouraging as we have been actively fostering innovation through our services and activities at SOFTECH from Cluj-Napoca Transylvania. We strongly believe that much more investment in research and innovation is needed in Romania and our team is a good example of the capabilities that Romanian teams may bring on the market.